Home Insurance in Columbus

Getting Home Insurance in Columbus

Ohio homeowners who have a mortgage are required to purchase a standard home insurance policy that covers at least the amount of the loan. Most standard policies will cover the home’s structure and pay to rebuild or repair it in the event of fire, extreme weather, or other peril. Coverage for the homeowner’s personal belongings, in case of theft or damage, and liability protection for anyone injured on your property are also included in most policies.

In central Ohio, destructive weather such as tornadoes, flooding, hail, and blizzards pose the greatest risks to homes. While damage from hail and snow is included in most Columbus standard policies, flooding is not. Flood insurance can be purchased through a separate policy and may be required if you live in an area that is considered a high-risk for flooding.

In 2009, Ohio’s average premium was $613. This is about 30% less than the national average of $880 and ranks Ohio on the lower end (40th) in terms of average rates by state.

Factors of Home Insurance Rates in Columbus

A number of factors are calculated into the quotes you receive from home insurance companies, including the location, square footage, and value of your home. Insurance companies also assess the cost of replacing or repairing your home based on the building materials used in its construction. In addition, your credit, claims history, and the desired level of coverage will influence the premium. Homeowners with dogs that are considered a high-risk breed or who have certain additions, such as a pool, that could potentially cause injury to others while on the property may also expect a higher average price for home insurance.

Neighborhood crime statistics are another major factor considered by insurance companies when calculating the cost of your coverage in Columbus. The Federal Bureau of Investigation’s Ohio crime report shows that there were 15,234 reported burglaries in Columbus in 2010. In a city with a population of approximately 773,000, this is a proportionally high incidence of property crime. For more on crime in Ohio, please refer to the chart below:

Robbery

Burglary

Larceny-theft

2010

3,359

15,234

30,784

2009

3,395

14,583

30,044

2008

3,590

14,708

28,263

Other features of your community, such as how close your home is to the nearest fire station and the ease of access to a fire hydrant, can affect the cost of home insurance in Columbus. The Columbus Division of Fire operates 32 stations around the city. The fire department also has a number of outreach programs, including home fire safety inspections, CPR training, community relations programs, and juvenile firesetter prevention programs, to promote fire safety and limit the risk of fires.